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English definition of “peppercorn rent”

peppercorn rent

noun [C]     UK
LAW, PROPERTY a very small amount of money that is paid by someone who is renting a building or piece of land so that the arrangement between them and the owner of the property is legal : The charity secured a 20-year lease on the building at a peppercorn rent of £1.
(Definition of peppercorn rent noun from the Cambridge Business English Dictionary © Cambridge University Press)
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